I have always know that the evil people who are still pained by the 2015 loss are the ones exaggerating the economic

While speaking at the Economist Forum in Lagos, yesterday March 7th, Richest man in Africa Aliko Dangote said that Nigeria's economic reality is being exaggerated and is not as bad as it is being portrayed, saying while some businesses faced serious challenges, others did not.
“It all depends on the business. I think people are underrating the economy of Nigeria. They just go and look at foreign exchange because oil has gone down and believe that everything has gone out of the window. That is not correct”.
He said despite what is being described as an economic crisis in Nigeria, his company, Dangote Cement, recorded 47 per cent growth in January and February.

"We have seen growth in our sugar business of about 20 per cent. If your business model is to import 100 per cent of your component and just be an assembly plant, then definitely you will face challenges because the influx of foreign exchange is not like what it used to be a year and half ago when we used to receive about 3.2 billion dollars on monthly basis and our outflow was around two billion dollars. Today, we are receiving just about a billion dollars. In our cement sector, we had that vision and we said let us properly industrialise. By this, we mean that our raw materials are almost 90 percent locally sourced. So we only need foreign exchange to buy spare parts, pay some of our expatriate staff salaries in dollars and a get a little bit of gipson which is not readily available here.”
He said that exporting is what businesses in Nigeria should be aiming at doing,

“We now have capacity to export cement worth about 500 million dollars on an annual basis. With that, it means that we are self-sufficient. If you look at most of our projects, they are all very transformational projects because we saw this coming. In the last ten years, we said we want to do things in a manner that by 2018, we don’t have to go to the Central Bank of Nigeria to ask for foreign exchange. We want to be people who will sale forex to the market.”

http://www.juicygossips.com.ng/2016/03/people-are-exaggerating-nigerias.html

Political enemies, See more here: http://www.juicygossips.com.ng/2016/03/people-are-exaggerating-nigerias.html

quite true, don't mind them jaree, keep gaining while they keep singing about losing

Of course Dangote can afford to say that. He's not affected by the hardship the rest of us face daily. He an afford to pay #1000 for a litre of fuel but we can't, he can afford to buy a bag of rice at #20,000 but the rest of us can't. He can afford to pay #100 for a razor blade but we can't.

To the peasant farmer who has to pay an extra #500 to convey his goods to the market Dangote is talking rubbish.
To the poor civil servant whose salary is being slashed on monthly basis, Dangote is misyarning. Even the Osun and IMO states civil servants who haven't been paid for months Dangote needs to shut up.
To the thousands of workers who have lost their jobs since the change took effect, Dangote has no pity.

You are a billionaire how would you know

That is my man my mentor, but wait you said you saw this coming yet you didn't tell Nigerian government when you were in Jonathan's economic team and are you sure you are not the one Ibeto was referring as the one diverting our dollar to pursue your business venture in far away Senegal

Y won't he say such wen he is a billionaire

Dere children goes to the best school abroad, live a lavish lifestyle, put on designer wears

While the lower class, and even the middle class r finding it hard to survive

Cost of food stuff and condiments have doubled.

Nigeria made Eva Soap is now N500 per pack as against N300

Workers take home wages are still the same and nobody is sure when the government will pay and what percentage.


Retrenchment is now the order of the day.

If your business model is to import 100 per cent of your component and just be an assembly plant, then definitely you will face challenges because the influx of foreign exchange is not like what it used to be a year and half ago when we used to receive about 3.2 billion dollars on monthly basis and our outflow was around two billion dollars. Today, we are receiving just about a billion dollars.

So, about 18 months ago, Nigeria had a positive $1bn in monthly balance of trade, but today we have a negative $1bn monthly balance of trade. Yet, somehow, people still think the CBN should meet all forex demand. The FX Reserves would simply wipe out within 2 years.

Oga Dangote is a wealthy man, so he won't feel it now, when ordinary market women and bukka owners are complaining of escalating costs...??

kutchs:
Of course Dangote can afford to say that. He's not affected by the hardship the rest of us face daily. He an afford to pay #1000 for a litre of fuel but we can't, he can afford to buy a bag of rice at #20,000 but the rest of us can't. He can afford to pay #100 for a razor blade but we can't.

To the peasant farmer who has to pay an extra #500 to convey his goods to the market Dangote is talking rubbish.
To the poor civil servant whose salary is being slashed on monthly basis, Dangote is misyarning. Even the Osun and IMO states civil servants who haven't been paid for months Dangote needs to shut up.
To the thousands of workers who have lost their jobs since the change took effect, Dangote has no pity.

that's y u too, have to create ur space in d niche of kings

kutchs:
Of course Dangote can afford to say that. He's not affected by the hardship the rest of us face daily. He an afford to pay #1000 for a litre of fuel but we can't, he can afford to buy a bag of rice at #20,000 but the rest of us can't. He can afford to pay #100 for a razor blade but we can't.

To the peasant farmer who has to pay an extra #500 to convey his goods to the market Dangote is talking rubbish.
To the poor civil servant whose salary is being slashed on monthly basis, Dangote is misyarning. Even the Osun and IMO states civil servants who haven't been paid for months Dangote needs to shut up.
To the thousands of workers who have lost their jobs since the change took effect, Dangote has no pity.

You obviously didn't read the article.

The ecomony is pretty bad alright. I bought a liter of petrol for 140 in Aba. Salaries are being slashed.

I trust buhari knows what he's doing though.

Those who don't depend much on imports for their enterprise will not be affected much.

The man was talking about who dos run their business in nigeria.and to say the fact if you are doing ur business locally u will gain and even boost nigeria economy.a farmer dat plant and harvest can not lose if he harvest.people should think b4 they comment here dis man is nt talking about his wealth here he is talking about business

kutchs:
Of course Dangote can afford to say that. He's not affected by the hardship the rest of us face daily. He an afford to pay #1000 for a litre of fuel but we can't, he can afford to buy a bag of rice at #20,000 but the rest of us can't. He can afford to pay #100 for a razor blade but we can't.

To the peasant farmer who has to pay an extra #500 to convey his goods to the market Dangote is talking rubbish.
To the poor civil servant whose salary is being slashed on monthly basis, Dangote is misyarning. Even the Osun and IMO states civil servants who haven't been paid for months Dangote needs to shut up.
To the thousands of workers who have lost their jobs since the change took effect, Dangote has no pity.

Ur greatest enemy is ur mind set.........it needs formatting

The nigerian economy is a mirage.

Dangote is talking about doing bizness in Nigeria! Sum pple are talking about hardship dat fall of crude oil and previous govt caused